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Thursday, 23 April 2015

The price of an average three bedroom semi detached house in Meath has risen by 28.33% in the past year

The price of an average three bedroom semi
detached house in Meath has risen by 28.33% in the past year, with a 2.39%
increase in the first three months of 2015 to €192,500, according to a national
survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house
index concentrates on Ireland's typical stock home, the three-bed semi, giving
a picture of the property market in towns and cities countrywide.

It now takes six weeks to sell the average
house in Ashbourne and Navan, compared to five weeks in Kells and four in Trim.

A series of micro markets is opening up in
Meath where Trim (12.9%) has shown a massive rise of €20,000 in the past three
months to and average of €175,000, while prices in Ashbourne have fallen slightly
(-0.71% or €2,000) in Q1 to €280,000.

Ashbourne had previously shown growth in
the early part of 2014, while Trim is now firmly in the focus of a new wave of
commuters and showing its first significant rise.

Prices in Navan (€175,000) and Kells
(€140,000) have stabilised in the first three moths of
year.

The average semi detached house nationally,
including Dublin, now costs €187,153 the latest REA survey has found – a rise
of 16.23% over the past 12 months.

However, the average house has risen by
just 1.32%, or €7,005, across the country over the December 2014 figure of
€184,713 – and the lack of a supply of suitable housing is a feature of the
market across the country.

“There is an acute lack of supply of
three-bedroom family homes because it is still not financially viable in many
areas for builders to construct homes and make a profit,” said REA Chief
Executive Philip Farrell.

“In country and commuter areas where the
average value is below €200,000, supply of new homes will remain reduced even
if lands become available due to profitability issues for developers who need
houses to sell for above that mark.

“This is caused by the current high cost of
construction which is exacerbated by the significant taxes which are payable on
a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market
recovery last year, prices have fallen by -0.28% in Dublin city and county in
the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the
biggest increases over the last year have come from what is termed Tier Three –
the country areas, outside of the pale and the major cities, which have gone up
by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and
county are combined.

Over the past six months, property price
rise rates in the rest of the country (5.1%) have more than trebled that of the
capital (1.55%).

In the opening quarter this year, there
have been significant increases in Carlow (7.50%) Kilkenny City (7.41%),
Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a
jump in property prices in Bundoran in Donegal of 7.69%.